The deep and multidimensional crisis of Gazprom in 2009-2010 is analyzed in this paper as a crisis of the specific geopolitical model of the “energy super-state” that was especially important for Russian foreign policy towards Europe and the Former Soviet Union. Russia’s attempts to monopolize the sphere of gas production and gas transportation in this part of the world, institutionally represented by the state-controlled monopoly Gazprom, was a key element for sustaining this geopolitical model. It is argued that this policy was based on a configuration of Russian geopolitical and economic interests that could be economically sustained only in the period of high energy prices. After the start of the global gas market crisis and, specifically, Gazprom’s crisis, this configuration has started to disappear. This may have a profound influence on Russian foreign policy towards Europe and the Former Soviet Union.